REUTERS
The balance of debt on the ministry's bills amounts to US$1.9 billion.
Ukraine's Deposit Guarantee Fund (DGF) has repaid UAH 2.62 billion (US$101.6 million) in debt on a bill before Ukraine's Finance Ministry ahead of schedule.
As of today, credit obligations redeemed by the Fund total UAH 40 billion (US$1.6 billion), of which UAH 20.15 billion (US$781 million) in loans of the National Bank, UAH 10.12 billion (US$392.2 million) in loans of the Finance Ministry, and about UAH 11 billion (US$426.4 million) in interest, including UAH 5.53 billion (US$214 million) in interest on bills, the DGF said on its website.
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The balance of debt on the ministry's bills is UAH 49.44 billion, or US$1.9 billion, on which the Fund must pay over UAH 67.44 billion, or US$2.6 billion, in interest.
DGF's Financial Department Director Olena Nuzhnenko says that due to four early redemptions, the Fund has reduced the expenses for repayment of interest on bills by UAH 12.34 billion (US$478.3 million).
"However, the amount of total future expenses on the Fund's debt obligations is too large, primarily due to interest expenses, which significantly exceed the loan itself. That is why, the Fund determined as its primary strategic task to restructure the interest debt on loans from the Finance Ministry. To this end, the DGF plans to involve highly qualified experts with the assistance of the World Bank and the [European Bank for Reconstruction and Development] EBRD," Nuzhnenko said.
The DGF added that it fully settled its obligations to the National Bank of Ukraine in January 2019.
UNIAN memo. In 2014-2017, some 96 banks became insolvent in Ukraine. The total funds received by depositors of the banks that were transferred to the DGF management during the said period amounted to almost UAH 90 billion (US$3.5 billion).
The Fund in 2014-2016 received UAH 59.6 billion (US$2.3 billion) in loans from the Finance Ministry for payments to its depositors, as well as over UAH 20 billion (US$775.2 million) in loans from the National Bank.